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To use Shyft, you must be a permanent South African resident, a foreign national residing in South Africa, or a Botswana resident, 18 years or older.
Shyft is available to both Standard Bank/Stanbic and non-Standard Bank/Stanbic customers, who are permanent residents of either South Africa or Botswana. However, Foreign Nationals residing in South Africa must hold an active Standard Bank account to sign up for Shyft.
The app is free, but minimal charges apply for certain transactions. Charges are clearly shown before each transaction is performed in the app, so you will always know exactly how much you are spending.
If you have forgotten your password, use the "Forgot Password" link from the login screen to set a new password. You will need the correct answers to the security questions to do this. If you have logged into the app and want to change your password: Open the menu icon at the top left of the screen, select “Preferences”, then select "Reset Password", then enter and confirm your new password.
Please send an email with a copy of your ID and proof of address to support@getshyft.co.za. You will receive confirmation once your details are updated.
Once you've logged into the app, select the menu icon at the top left of the screen, select "Preferences", then select "Biometrics", and then toggle to activate your biometrics login.
Once you have logged into Shyft, make use of the “Quick Actions” drop down and select “Top up wallet”. Select “Top up” for your preferred currency. Use the provided details and instructions when making an EFT to your Shyft wallet.
Please use your Shyft reference number as the payment reference when making an EFT.
Once you've logged into the app, select the menu icon at top left of the screen, then select "Personal Details. "Your Shyft Reference Number" will then appear below your name and trading limit.
Please send your proof of payment to support@getshyft.co.za and we will assist in tracing and allocating your funds to your local currency wallet. Please ensure that you have correctly entered your unique Shyft reference number. This can be found in the "Personal Details" section of the app, under the menu icon.
If you sent an EFT from a bank other than Standard Bank/Stanbic, you can expect your funds to reflect within 2-3 business days as per standard transfer times. If the funds are still not reflecting in your Shyft wallet after this period has lapsed, please send your proof of payment to support@getshyft.co.za.
A Shyft withdrawal involves sending funds from your local currency Shyft wallet to your personal local bank account.
Once you have logged into the app, from the homescreen, select the "Transact Tab" on the navigation panel at the top of the screen. Select your local currency wallet, then select the "three dots" at the middle right side of the screen (under your balance breakdown), then select "Withdraw". Enter the amount you would like to withdraw (fill in your details).
The app will request the bank account details to which the refund must be paid. You will not be able to refund any foreign currency via this flow. To refund your foreign currency, follow the "How do I convert my Foreign Currency to my Local Currency?" flow, found under the "Buy Foreign Currency" section of the FAQ's.
Local currency withdrawal requests will be processed within 48 business hours, from the time of initiation.
You can only request a withdrawal in your local currency.
Once you have logged into Shyft, make use of the “Quick Actions” drop down on the Globalview screen, and select “Buy/Sell Forex"". You may then tap on ""Buy"" next to your local currency icon, and a trade screen will be displayed where your local currency will be preselected as the buying currency. Please select one of the foreign currencies you would like to exchange, at the top of the screen. You can then enter the amount of forex you want to spend and select “Get a Live Rate”. Once you've done this, read and accept the declaration to get your live rate. Select “Buy Now” to confirm the purchase. You will receive a confirmation pop-up with the amount of local currency you have just bought and your trading limit will be credited for the amount of local currency that was purchased.
If you wish to purchase your local currency via the ""Forex"" tab menu, simply tap on your local currency from the list of currencies displayed and follow the same process.
Please note, this feature is is only available to South African permanent residents and Botswana nationals. Foreign nationals can only cash out their foreign currency wallet via the international payment flow.
Local currency withdrawals will be charged at flat fee of R35.00 for South African residents and foreign nationals residing in South Africa, and P15 for Botswana nationals. This is a flat fee and will be applicable regardless of the withdrawal amount.
The Single Discretionary Allowance (SDA) is a limit set by the South African Reserve Bank (SARB). This allowance is only applicable to SA residents.
For permanent South African residents with a valid South African ID, the SDA limits you to a total of R1 million for ""offshore activities"" each calendar year. This applies to all your transactions and not just those in Shyft. It is your responsibility to make sure you stay within this limit.
As a foreign national residing in South Africa, you may not buy foreign currency with funds that you brought into the country or are ring-fenced. Only funds which you have received or earned in South Africa can be used. You are also only able to buy foreign currency during the period for which there is a valid work permit and in accordance with the limits applicable to you, as calculated at the time of your Standard Bank account.
If you are a Botswana national, your trading limit is set to P1,000,000. This is subject to change.
BOP, also referred to as Balance of Payments, are reports provided to the South African Revenue Services and/or the Financial Intelligence Center to notify them of all funds that has left the country as well as the reason for it.
For permanent South African residents with a valid South African ID, all Shyft transactions are reported under the BOP Category Code of 511 04 - Foreign investment by a resident individual not related to the investment allowance – Deposits with a foreign bank.
For Foreign Nationals, all Shyft transactions are reported under the BOP Category Code of 417 - foreign national contract worker remittances, excluding compensation.
If you reach your R1 million limit in Shyft, you will be blocked from transacting for the rest of the calendar year. Remember that you are responsible for ensuring that you do not exceed your limit across other products too. You can see the amount of foreign currency you have purchased on Shyft in the Profile section of the app.
As a foreign national, if your work permit becomes invalid or expires, or if you reach your limit in terms of the amount of funds you are able to externalise, you will not be able to purchase any further foreign currency through Shyft. However, you will still be able to make use of the foreign currency you have already purchased to make international payments and spend on your virtual and/or physical cards.
Once you have logged into Shyft, select the “Quick Actions” drop down and select “Buy Forex”.
Select which currency you’d like to buy.
Use the currency toggle to specify the transaction value, then select “Get a Live Rate”.
Read and accept the declaration to get your live rate.
Select “Buy Now” to confirm purchase.
You will receive a confirmation pop-up with the amount of forex you have just bought.
Standard Bank/Stanbic charges a fee on all foreign exchange transactions. This is included as part of the live rate that you are quoted in the process of purchasing foreign currency. The price you see is the price you pay and there are no additional costs for purchasing foreign exchange through Shyft.
This feature is only avaible to South African permanent residents and Botswana nationals.
Once you have logged into Shyft, make use of the “Quick Actions” drop down on the Globalview screen, and select “Buy/Sell Forex"". You may then tap on ""Buy"" next to your local currency icon, and a trade screen will be displayed where your local currency will be preselected as the buying currency. Please select one of the foreign currencies you would like to exchange, at the top of the screen. You can then enter the amount of forex you want to spend and select “Get a Live Rate”. Once you've done this, read and accept the declaration to get your live rate. Select “Buy Now” to confirm the purchase. You will receive a confirmation pop-up with the amount of local currency you have just bought and your trading limit will be credited for the amount of local currency that was purchased.
If you wish to purchase your local currency via the ""Forex"" tab menu, simply tap on your local currency from the list of currencies displayed and follow the same process.
Once you have logged into Shyft, make use of the “Quick Actions” drop down on the Globalview screen.
Select "Send Money", then select “International Transfer”and then "Add Beneficiary.
In the pop-up menu, select “International Bank Account", and select the beneficiary type (“Myself”, “Someone else”, or “A company”).
Finally, select the currency that you want to send as well as the country that you are sending funds to and confirm. Fill in the Beneficiary Details and select “Add Beneficiary”.
*For individual beneficiary names: The first and last name fields should only contain letters and must not include any numbers.
For company beneficiary names: Alphanumeric characters are accepted. However, please note that company names consisting entirely of numbers will no longer be allowed. For instance, names like "58311421" will not be accepted.
International payments are charged at a flat fee per transaction.
This fee varies depending on the currency being sent.
For transfers to international bank accounts, Standard Bank Webtrader accounts, as well as preloaded partners the following fees apply:
USD payments: USD 14.00
GBP payments: GBP 10.00
EUR payments: EUR 12.00
AUD payments: AUD 18.00
For transfers to Standard Bank Isle of Man and Jersey accounts, the following fees apply:
USD payments: USD 10.00
GBP payments: GBP 8.00
EUR payments: EUR 9.00
AUD payments: AUD 13.00
Shyft keeps you in control by showing exactly how much each transaction will cost before you make the payment.
*Fees are subject to change during promotional periods.
Once you have logged into Shyft, make use of the “Quick Actions” drop down on the Globalview screen. Select "Send Money", then select “Standard Bank Offshore Accounts.” Select "Add Beneficiary". You will get a pop-up screen called "Options". Select "Standard Bank Isle of Man" or "Standard Bank Jersey". Select the beneficiary type (Myself or someone else). Select your currency and tap "Continue". Proceed to enter your beneficary details, and tap "Continue".
Once you have logged into Shyft, make use of the “Quick Actions” drop down on the Globalview screen. Select "Send Money", then select “International Transfer”and then "Add Beneficiary". In the pop-up menu, select "Standard Bank WebTrader" and fill in the relevant fields. Please note, you need to use your Webtrader account number as your beneficiary reference.
If you pay in a currency that is not the local currency of the country of the beneficiary’s bank, the recipient may receive less than what you’ve sent. Intermediary banks are likely to levy additional charges and the receiving bank is likely to convert the payment to a local currency, which means that the amount received cannot be predicted.
Payments to international bank accounts are limited in the size of transaction:
USD: 75,000;
GBP: 55,000;
EUR: 60,000; and
AUD: 90,000.
Users who are permanent South African residents with a valid South African ID can transfer a maximum of R1 million per a calendar year.
Users who are permanent Botswana residents can transfer a maximum of P1 million per a calendar year, although, please not that this limit is subject to change.
If you are a foreign national residing in South Africa, you may not make an international payment with funds you brought into the country or are ring-fenced. In addition, only funds which you have received or earned in South Africa can be used.
Your payment can take up to 3 - 5 business days to be completed and you will receive an email notification as soon as the payment has been sent. The email notification does not confirm receipt of funds by the beneficiary, only sending of the payment. Only your beneficiary or their bank are able to confirm the actual receipt of the funds.
The beneficiary that you are paying should be able to provide those details for you.
IBAN: International Bank Account Number. This is used to identify the bank you are sending money to. Do not enter spaces between characters. Ensure that you have right code from the beneficiary.
BIC SWIFT: Business Identifier Code & SWIFT code. You will need to get the code from the beneficiary, and is bank specific. Do not enter spaces in between characters. Ensure that you have the correct code from the beneficiary.
ABA: Routing transit number. This is used to identify financial institutions in the USA. Do not leave spaces in between characters. Ensure that you have the correct code from the beneficiary. There are three potential types of routing number. Please ensure you use the Electronic payment Routing Number, or the FedACH routing number. Do not use the Wire transfer routing number as US payments are sent from within the US and may be returned as a result.
Sort Code: This is a six digit number that identifies the bank and the branch of the bank. Do not leave spaces in between characters. Ensure that you have the correct code from the beneficiary.
BSB code: A BSB (Bank-State-Branch) is a six-digit number that identifies banks and branches across Australia. Do not leave spaces in between characters. Ensure that you have the correct code from the beneficiary.
It is not always possible to cancel a beneficiary payment, depending on how far along the payment has progressed. Contact the support team via the in-app chat if you need to cancel a payment and they will be able to let you know if it's possible.
The countries that appear on the list are countries where payments are allowed to be sent.
As a guideline, payments to beneficiaries for the following purposes are not permitted:
· Payments for the purpose of gambling (paying gambling institutions);
· Any and all purchases related to arms dealing;
· Adult entertainment of any kind; and
· Purchasing of drugs/drug paraphernalia.
No, all payments for the purpose of purchasing crypto currency will be unsuccessful as they currently fall outside of our risk appetite.
USD payments to a beneficiary in the USA are made through the domestic ACH network and fall under the category of electronic payment (often referred to as direct deposit or ACH payments). These payments are not wire payments. Please ensure to enter the ABA number for direct deposit or ACH payment in the ABA field when creating a beneficiary. If you make use of the wire ABA number, this will result in the payment failing. Due to the nature of ACH payments, we unfortunately cannot recall or put a trace on any payments made through the ACH network.
"The Central Bank of The United Arab Emirates (CBUAE) introduced a new Purpose of Payment Code for all SWIFT payments received into and sent from bank accounts held within the UAE. You would need to get this code from your beneficiary.
Do you have a saved UAE beneficiary? If so, please delete any saved beneficiaries for the UAE and re-create them with the correct Purpose of Payment code."
To edit or delete a beneficiary, please swipe left on the beneficiary and the options to "manage" and/or "delete" will appear.
Click "manage" to edit the beneficiary or click "delete" and recreate the beneficiary.
The incoming international funds feature will allow you to transfer existing offshore foreign currency, into your Shyft wallet.
Once the funds reach Shyft, we will process the payment into your Shyft wallet within 3-5 business days, provided that all is in order. The time taken for the funds to reach Shyft will be determined by the remitting bank.
Each currency will be charged with flat fee of $14, £10, €12 and A$18. It is possible that costs and/or fees may be charged by the remitting bank and/or intermediary banks, of which we do not have oversight and cannot predict. Should an incoming international payment of £200 be made and £30 is deducted by a remitted bank, we will deduct £10 from the total amount received (£170) that is transferred into Shyft.
Shyft will only accept SWIFT payments using BIC code SBZAZAJJ.
Once you have logged into Shyft, click the burger menu at the top left of the screen. Select “Wallet Top-ups”. Select the foreign currency you’d like to top up. Read and accept the terms and conditions. Use the provided details and instructions to make a telegraphic transfer to your Shyft wallet and send your proof of payment to Support@getshyft.co.za.
Once you've logged into the app, select the burger menu at top left of the screen and then select "Personal Details". Your "Shyft Reference Number" will appear below your name as well as the trading limit.
Please send us the proof of payment/MT103 to Support@getshyft.co.za. Once the funds are received, our Accounts team will investigate, confirm and top up your Shyft wallet. If funds haven't yet been received and the proof of payment/MT103 has been sent, we may ask you to inquire from remitted bank as we cannot trace funds from third parties.
You are able to transfer USD, GBP, EUR and AUD directly into Shyft using the bank account specified in the Top Up Wallet section. If the sender transfers funds in a currency that differs from that of the destination account, the funds will be rejected and returned to sender at the sender’s cost.
Yes, you would be able to receive funds from any foreign bank account. We may request additional information from time to time for payments made from third parties. This may include information and supporting documentation such as:
Proof of address
Source of funds
Remitter information
Any other related documentation
There are no TAX implications imposed by Shyft. It will be the responsbility of the account holder to ensure their TAX obligations are met.
Receiving an incoming international fund payment will not directly affect your SDA or trading limit. However, if any foreign currency is exchanged for your local currency, the account holder's SDA/Trading Limit will be replenished up to R1 million for South African residents, and up to P1 million for Botswana nationals.
Once you have logged into Shyft, make use of the “Quick Actions” drop down on the Globalview screen, and select ""Manage Cards” and then select your desired currency. Select “Order Physical Card”. Select the number of cards you would like to order and enter the delivery details.
- The Shyft Physical Multi Currency Forex Card - you can order up to three cards.
- The Shyft Physical Rand Card - you can order up to three cards (SA residents and foreign nationals residing in South Africa only).
- The Shyft Union Pay card - you can order one card (SA residents and foreign nationals residing in South Africa only).
Preferably use an address where you will be available in the week during office hours (08:00 - 17:00). Physical Shyft Card deliveries may take upto approximately 5 business days.
Yes, each user can order and link up to three physical Forex cards.
South Afrcan users may also order upto one Union Pay card and three ZAR cards.
Simply select how many cards you would like to order on the card order screen.
Please see the below delivery fees, applicable per card:
South Africa - R100 per card ordered.
Botswana - P250 per card ordered.
These amounts are subject to change without notice.
Once you have logged into Shyft, make use of the “Quick Actions” drop down on the Globalview screen, and select "Manage Cards” and then select your desired currency. Select “Link Physical Card”. Enter your 16 digit card number and give the card a specific name, create a 5 digit PIN, confirm the 5 digit PIN and select “Link Card”. The card will now be displayed in the “Cards” screen under the currencies that the card supports.
- Delivery to major metropolitan areas within in South Africa (JHB, CPT and DBN) should occur within 3 business days.
- Delivery outside of major metropolitan areas in South Africa should occur within 5 business days.
- Delivery in Botswana should occur within 5 business days.
NB: Please note, delivery times are approximate and subject to change without notice.
ATM withdrawal fees are charged at a flat rate per a withdrawal. The fees are as follows:
USD: 3.3;
GBP: 2.2;
EUR: 3.3; and
AUD: 4.8.
POS transactions:
The physical card can be used for a maximum of 9999 POS transactions per a day. The sum of the transactions per a day are limited to the following amounts:
USD:50 000;
GBP: 50 000;
EUR: 50 000; and
AUD: 50 000.
ATM withdrawals:
The physical card is limited to 10 ATM withdrawals per day in USD, AUD, and EUR, and 12 withdrawals in GBP. The total number of withdrawals per day is limited to the following amounts:
USD: 5000;
GBP: 2500;
EUR: 5000; and
AUD: 5000.
Tap-and-go transactions are limited to the following amounts per a transaction:
USD: 500;
GBP: 500;
EUR: 500; and
AUD: 500.
Yes, point of sale (POS) transactions is charged at 1.5% of the transaction value.
Only withdraw cash from from well known banks & avoid unbranded or stand alone ATMs.
If prompted by the ATM, never accept conversions to or from a currency that is not loaded on your physical card.
First check that you have topped up the card by transferring funds from your currency wallet to the card:
Once you have logged into Shyft, make use of the “Quick Actions” drop down and select “Manage Cards”
Choose the currency with which you want to top up your card.
Choose the physical card you want to top up and tap on it.
Then select “Top Up”.
Enter the amount you would like to put on the card, select “Top Up” and confirm. The funds will be moved from the wallet to the card.
You can see the balance of the card by opening it from the “My Cards” screen, or view the total balance of all your cards, per currency, under the respective Currency Wallets, in the balance breakdown.
Once you have logged into Shyft, make use of the “Quick Actions” drop down on the Globalview screen, and select ""Manage Cards” and then select your desired currency.
Select the card for which you wish to reset your PIN, scroll down and select "Change PIN".
Disabling a card only deactivates it temporarily until you decide to re-enable it. Once re-enabled, the card can be used again. Deleting a card deactivates the card permanently. A deleted card is canceled and cannot be reactivated or used again.
Immediately login into Shyft, make use of the “Quick Actions” drop down on the Globalview screen, select ""Manage Cards” then select the appropriate currency. Select the card which was lost or stolen. Tap on the green ""Enabled"" icon below the card. The icon should then change to red and reflect as ""Disabled"". You can then choose to return any remaining balances on your card to your wallet.
You will be able to order a new card by clicking on the “Order Physical Card” button. If the lost/stolen card has been used fraudulently, please contact support and provide them with the details of the fraudulent transactions.
Once you have logged into Shyft, make use of the “Quick Actions” drop down on the Globalview screen, and select ""Manage Cards” and then select your desired currency. Then, select the desired card. Once you have selected your card, select the ""Transactions"" button in the menu below the ""Card Balance"" and then select ""Statement"" at the top right of the screen.
NB: Your statement password will be your ID or Passport number.
Shyft offers our users a choice between two payment methods, namely MasterCard and UnionPay International (UPI).
Each payment method is accepted by different countries/regions. However, the UnionPay International is more widely accepted across China, and may only be topped-up with USD.
MasterCard ATM locations and countries of acceptance can be found by accessing the below link:
https://www.mastercard.us/en-us/consumers/get-support/find-nearest-atm.html
UnionPay ATM locations and countries of acceptance can be found by accessing the below link:
https://www.unionpayintl.com/cardholderServ/serviceCenter/atm?language=en
A MasterCard is any electronic payment card that uses the MasterCard network and other networks that have signed contracts with MasterCard for processing transaction communications. MasterCards are typically branded with a MasterCard logo.
A UnionPay card is any electronic payment card that uses the UnionPay network and other networks that have signed contracts with UnionPay for processing transaction communications. UnionPay cards are typically branded with a UnionPay logo.
The card is a pre-funded card that needs to be topped up before it can be used.
Users are not able to link their UnionPay cards to either AliPay or WeChat. It is unclear whether there are other wallet based apps that this card can be linked to.
The card is not available for purchases online.
The card is a USD bin, so can be used anywhere that USD is accepted.
The card can not be used in SA.
Virtual cards are online cards that are not physically issued by the card provider. They can be used locally or internationally and it operates just like any other debit card. It is available for each of the supported currencies: USD, AUD, GBP, EUR, and ZAR ( ZAR for SA customers only).
Once you have logged into Shyft, scroll down to the “Card” widget and select “Virtual”. Tap on “Create card”
Select your preferred card currency.
Give the card a description (eg. Netflix card, Airbnb card etc), enter your mobile number, and create a 5 digit 3D secure code. Confirm the 3D secure code and select “Create Card”.
The card will be displayed in the “My Cards” screen under “Virtual Cards”. *Please note that you will need to create a Virtual Card for each currency.
Yes, but only the Shyft Virtual Rand card can be used on South African websites. (For SA customers only)
Yes, virtual cards support 3D secure websites. You have to ensure that your 3D secure code is set on the virtual card before it is used.
Disabling a card only deactivates it temporarily until you decide to re-enable it. Once re-enabled, the card can be used again. Deleting a card deactivates the card permanently. A deleting card is cancelled and cannot be reactivated or used again.
Disabling a virtual card only deactivates it temporarily until you decide to re-enable it. Once re-enabled, the card can be used again. Deleting a card deactivates the card permanently. A deleting card is cancelled and cannot be reactivated or used again.
Online transactions, made using a Shyft Virtual Card, are charged at 1.5% of the total transaction value.
Virtual cards expire 5 years after they are created.
Once you have logged into Shyft, make use of the “Quick Actions” drop down on the Globalview screen, and select ""Manage Cards” and then select your desired currency. Then, select the desired Virtual Card. Once you have selected your card, select the ""Transactions"" button in the menu below the ""Card Balance"" and then select ""Statement"" at the top right of the screen.
NB: Your statement password will be your ID or Passport number.
Please download the app on a new phone and reset your password immediately.
Open the Shyft app and change your password immediately. Select the menu at the top left of the screen, select "Preferences" and then select "Reset Password". Type your "Old Password", enter a "New Password" and re-enter your new password into "Confirm Password." **Please ensure that your password is not shared with anyone**
You can reach us via the Live Chat feature, directly from the Shyft app.
To start a Live Chat, tap on the question mark icon in the top right corner of the app screen.
Alternatively, you can leave a message for us from the ""Contact Us"" page on our Website (getshyft.co.za).
Our consultants are available from 8am to 8pm, Monday - Friday, and from 8am to 12pm on Saturday, Sundays and Public Holidays.
You can request a call back by tapping on the Support icon in the navigation bar, then tapping the “Request support call back” button. Please fill in your details and the nature of the request, and a support consultant will call you back within 2 business days. All requests will be dealt with on a priority basis.
For security purposes, the Shyft Physical card is not automatically linked with the funds that you have purchased in your currency wallets. You will need to ensure that you transfer funds from your currency wallet to your Physical card in order for it to function. This is done in your desired Shyft currency wallet, accessible via the Transact tab, or Quick Actions drop-down menue, on the apps Globalview screen.
The Shyft app does not make use of OTPs, however, the Standard Bank mobile app does. If you do not have roaming enabled while travelling, your OTPs will not be received. Set up your OTP to be sent to your email address to be sure that you are able to transfer funds from your mobile banking app to your local currency wallet. If you are having issues with your OTP, contact ibsupport@standardbank for SA customers, and for Botswana customers contact, supportlocal@stanbic.com or your Banker to assist with this. You are able to set OTPs to be delivered to your email address instead of your cell phone number.
Shyft currently offers four foreign currencies on the platform: USD, EUR, GBP and AUD. In countries where their local currency is different from these four currencies, you will be charged a conversion fee. This conversion fee is charged by the merchant bank, and is outside of Shyft’s control. All charges related to Shyft are displayed on the card transaction log/statement.
ATMs abroad have varying settings which differ from country to country, and from bank to bank. Some ATMs can request a currency conversion even if you are transacting in the local currency. Never accept a conversion if you are not agreeable with it.
Best practises are to use the ATMs that are at local bank branches and that are branded with the local banks branding. Avoid pop up ATMs at tourist hotspots and the following ATMs whenever possible - EURONET and EUROBANK, they will charge very high conversion charges that are not associated with Shyft.
The cards with the expiry date 04/23 are set up in such a way that it comes with a preset PIN. This PIN will be on the information sheet that came with the card. If you do not have that PIN, or have changed your PIN, please contact Shyft Support, via support@getshyft.co.za or the Live Chat feature on the app.
If you have lost your card while travelling, immediately login into Shyft, make use of the “Quick Actions” drop down on the Globalview screen, and select ""Manage Cards” and then select the required currency.
Select the card which was lost. Tap on the green ""Enabled"" icon below the card. The icon should then change to red and reflect as ""Disabled"". You can then choose to return any remaining balances on your card to your wallet.
We do not offer international deliveries at this time. You will need to order a new card to be delivered to a designated person and they will need to courier the card to you. Please contact Shyft support when you have ordered the card so they may assist with this.
Many hotels ask for an authorisation amount when checking in. Upon the return of the funds from the hotel, please get a proof of the return and we can attempt to get the funds back as soon as possible thereafter. The standard time frame for the return of the funds is seven business days from the date of the reversal. Please take this into account when contacting Shyft Support for assistance.
You can order and link up to three Physical MasterCards and one UnionPay International Card to your Shyft profile. The additional physical cards can be set aside and kept as a back-up, or be given to your family and friends to use at your own discretion.
Only Shyft customers who are South African residents will be eligible to order a physical Shyft Rand Card.
Once you have logged into Shyft, make use of the “Quick Actions” drop down on the Globalview screen, and select ""Manage Cards” and then select your ZAR currency wallet. Select “Order Physical Card”. Select the number of cards you would like to order and enter the delivery details.
(South African customers only)
Yes, each user can order and link up to 3 Physical Rand Cards. Simply select how many cards you would like to order on the card order screen. (South African customers only)
The current Card Fee is R100.00 (incl. VAT) per card ordered. This is subject to change without notice.
Once you have logged into Shyft, make use of the “Quick Actions” drop down on the Globalview screen, and select "Manage Cards” and then select your ZAR currency wallet. Select “Link Physical Card”. Enter your 16 digit card number and give the card a specific name, create a 5 digit PIN, confirm the 5 digit PIN and select “Link Card”. The card will now be displayed in the “Cards” screen under the currencies that the card supports.
- Delivery to major metropolitan areas within in South Africa (JHB, CPT and DBN) should occur within 3 business days.
- Delivery outside of major metropolitan areas in South Africa should occur within 5 business days.
NB: Please note, delivery times are approximate and subject to change without notice.
ATM withdrawal fees are charged at a flat rate per a withdrawal. The fees are as follows: Withdrawals done at Standard Bank ATM's are free , all other banks (Agent banks) are charged at R16 per withdrawal, however additional fees may be charged by Agent banks which are outside of our control.
POS transactions: The physical card can be used for a maximum of 4,000 POS transactions per day. The sum of the transactions per day are limited to R50,000.
ATM withdrawals: The physical card can be used for a maximum of 10 ATM withdrawals per day. The sum of the withdrawals per day are limited R5,000 and the monthly limit is set at R50,000.
Tap-and-go transactions are limited to R500 per transaction.
No, Shyft does not charge any transaction fees for swiping the physical Rand card.
First check that you have topped up the card by transferring funds from your ZAR currency wallet to the card:
Once you have logged into Shyft, make use of the “Quick Actions” drop down and select “Manage Cards”
Choose your ZAR currency wallet.
Choose the physical card you want to top up and tap on it.
Then select “Top Up”.
Enter the amount you would like to put on the card, select “Top Up” and confirm. The funds will be moved from the wallet to the card.
You can see the balance of the card by opening it from the “My Cards” screen, or view the total balance of all your cards, per currency, under the respective Currency Wallets, in the balance breakdown.
Once you have logged into Shyft, make use of the “Quick Actions” drop down on the Globalview screen, and select ""Manage Cards” and then select your ZAR currency wallet.
Select the card for which you wish to reset your PIN, scroll down and select ""Change PIN"".
Disabling a card only deactivates it temporarily until you decide to re-enable it. Once re-enabled, the card can be used again.
Deleting a card deactivates the card permanently. A deleted card is cancelled and cannot be reactivated or used again. You would need to order a new physical Rand card via the app, if you decide to delete the card.
Immediately login into Shyft, make use of the “Quick Actions” drop down on the Globalview screen, and select ""Manage Cards” and then select your ZAR currency wallet. Select the card which was lost or stolen. Tap on the green ""Enabled"" icon below the card. The icon should then change to red and reflect as ""Disabled"". You can then choose to return any remaining balances on your card to your wallet.
You will be able to order a new card by clicking on the “Order Physical Card” button. If the lost/stolen card has been used fraudulently, please contact support and provide them with the details of the fraudulent transactions.
Once you have logged into Shyft, make use of the “Quick Actions” drop down on the Globalview screen, and select ""Manage Cards” and then select your ZAR currency wallet. Then, select the desired card. Once you have selected your card, select the ""Transactions"" button in the menu below the ""Card Balance"" and then select ""Statement"" at the top right of the screen.
NB: Your statement password will be your ID or Passport number.
A Rand (ZAR) Virtual Card is not a Physical Card and is used for online shopping on local websites.
It operates like a credit card and can be used for online purchases in ZAR only. (For South African customers only)
Once you have logged into Shyft, scroll down to the “Card” widget and select “Virtual”. Tap on “Create card”
Select your preferred card currency.
Give the card a description (eg. Netflix card, Airbnb card etc), enter your mobile number, and create a 5 digit 3D secure code. Confirm the 3D secure code and select “Create Card”.
The card will be displayed in the “My Cards” screen under “Virtual Cards”. *Please note that you will need to create a Virtual Card for each currency.
Yes, the Rand Virtual Card can only be used in South Africa for online purchases in ZAR.
Yes, Virtual Cards are supported by 3D secure websites. You must ensure that your 3D secure code is set on the Virtual Card before it is used.
Once you have logged into Shyft, make use of the “Quick Actions” drop down on the Globalview screen, select ""Manage Cards” and then select your ZAR currency wallet.
Select the Virtual Card for which you wish to reset your 3D Secure Code. Scroll down until you see ""Change 3D Secure Code"", and select. Enter your new 3D Secure Code and confirm.
Disabling a card deactivates it temporarily until you decide to re-enable it. Once re-enabled, the card can be used again.
Deleting a card deactivates the card permanently. A deleted card is cancelled and cannot be reactivated or used again.
A Virtual Card will expire 5 years after it has been created.
Once you have logged into Shyft, make use of the “Quick Actions” drop down on the Globalview screen, and select ""Manage Cards” and then select your ZAR currency wallet. Then, select the desired Virtual Card. Once you have selected your card, select the ""Transactions"" button in the menu below the ""Card Balance"" and then select ""Statement"" at the top right of the screen.
NB: Your statement password will be your ID or Passport number.
The Shyft to Shyft feature allows you to instantly pay another Shyft user in any currency. In order to utilise this feature, the beneficiary that you want to pay needs to have an active Shyft account.
To make a Shyft to Shyft payment, you will need to add the person that you want to pay as a beneficiary onto your Shyft app. Please do the following:
Once you have logged into Shyft, make use of the “Quick Actions” drop down on the Globalview screen. Select ""Send Money"", then select “Shyft to Shyft” and then ""Send Invite"". Select your desired Shyft to Shyft beneficary from your contacts list on your device, and send the invite. Once the beneficiary receives the invite, they may accept the invite to complete the process.
NB: Your beneficary must have Shyft installed, and they must have an active and verified Shyft account.
Once a Shyft to Shyft beneficiary has been added, you can pay this beneficiary by doing the following:
Navigate to any of the currency wallets on Shyft.
Tap on the ""Payments"" button.
On the next screen, tap on the ""Shyft to Shyft"" button.
On this page, you should see a list of beneficiaries that you have added and/or recently paid.
Tap on the Shyft to Shyft beneficiary that you want to pay.
On the next screen, choose your preferred currency and enter the amount you want to pay.
Finally, specify your reference for the payment.
Tap the ""Next"" button to proceed
On the next page, you will see a confirmation of the payment that you are about to make. Check the payment details to ensure that they are correct.
Tap the Confirm and Pay button to complete the payment. A success message will display to confirm your payment is being processed.
You can pay another Shyft user using any of the currencies available.
Unfortunately, the Shyft to Shyft payment method can only be used to pay existing Shyft users. If you want to pay someone who does not have an active Shyft account, they will need to register as a Shyft user first.
Enjoy free Shyft to Shyft payments in any of the currencies available.
To receive payments via the Shyft to Shyft payment method, you will need to ask the person who is paying you to add you as a beneficiary on their Shyft app.
Once they have logged into Shyft, they may make use of the “Quick Actions” drop down on the Globalview screen. Select ""Send Money"", then select “Shyft to Shyft” and then ""Send Invite"". They will need to select your contact information, from their presaved contacts list on their device, and send the invite. Once you receive the inviteyou may accept the invite to complete the process.
You will then appear under their saved beneficiaries, and they may proceed to initiate a payment to you.
Your monthly limit is set as follows : ZAR 500 000, USD 50 000, GBP 50 000, EUR 50 000, AUD 50 000
If you are experiencing issues with making a Shyft to Shyft payments please contact our support team for further assistance.
If you are a South African resident, you are allowed to receive foreign assets without prior written approval from the SARB, this is subject to local tax disclosure and compliance by both parties.
Attempting to log into your account will trigger the device linking email being sent to your email inbox (the email address you used to register). Please locate the email, ensuring to check your spam and junk folders.
Once found, please click on the link in the email and follow the prompts.
Once your device has been linked to your account, you may proceed to log in thereafter.
Device linking has been implemented as a security enhancement. This feature will require customers to link their Shyft account to a device. Customers will be required to answer two security questions correctly before a device can be linked to an account.
Multiple profiles can be linked to one device as long as the security questions are answered correctly.
Multiple devices can be linked to one profile as long as the security questions are answered correctly.
Please check your email spam folder and/or search all folders for a Shyft email in your mailbox, using “Shyft” or “Device” as keywords. If no email was found please re-generate the link by logging into the Shyft app again. You will be presented with the same device linking message and a new link will be sent via email. If you are still unable to locate the email with the link, please reach out to Shyft Support for further assistance.
Please generate a new link by simply logging into the Shyft app again. You will be presented with the same device linking message and a fresh link will be sent via email.
Shyft Shares is a feature on Shyft that allows you to buy and sell American blue-chip stocks.
Anyone who has an active Shyft account and who is over the age of 18, can buy shares on Shyft. Unfortunately, Shyft Shares is not available for users who are residents of, or have indicators in, the United States of America.
Shyft currently offers 325 USD-based shares and ETFs that are listed on Nasdaq and the New York Stock Exchange.
You will need an active Shyft profile, as well as a registered tax number to buy shares.
The stock market operates on US business days. The market opens at 15:30 Central African Time and closes at 22:00*. Orders can be placed when the market is open and Shyft also allows you to transact when the market is closed - where the order will only be executed once the market reopens.
*This is subject to daylight savings in the US.
Yes, you can! Your order will remain pending until the market reopens. Prices displayed when the markets are closed are projections to provide you with the most accurate estimations of prices. Pending shares will be processed at the market-open price.
A corporate action is an event carried out by a company that will materially impact its stakeholders. There are many types of corporate actions, including the payment of dividends, stock splits, tender offers, and mergers and acquisitions. You will receive a notification if a corporate action has been issued on one of your shares.
Your portfolio view under the main section of the Shares tab aggregates the price movements of all the shares you own, therefore showing you how your portfolio has performed.
An Exchange Traded Fund (ETF) is a type of fund that holds multiple shares. ETFs are considered to be a 'basket' of shares and usually track an underlying index. For example, The SPDR S&P 500 ETF Trust is an ETF that tracks the S&P 500.
Bond ETFs are a basket of various bonds which seek to emulate an underlying bond index.
The graphs reflect the movement of a company's share price over the last 30 days. Please note that previous share price performance is not an indication of future share price performance.
No, as per the pricing delay, the prices shown are delayed by 15 minutes.
No, Shyft only offers shares in American-based companies which are traded on US exchanges.
No, Shyft does not provide investment advisory services. Please consult a registered financial advisor to receive guidance on what shares to invest in.
No, Shyft does not allow for trading on margin or using leverage.
No, Shyft does not yet allow for notifications regarding share price movements.
No, Shyft does not yet allow for this.
Yes, you can, provided that you are not a resident of, or have any US indicators.
These are market indicators and provide insight into the performance of the related index. For example, the NASDAQ 100 indicator reflects how the index has moved over the course of the day.
Daily.
There are a wide variety of risks involved in share trading. These include and are not limited to: liquidity risk, foreign exchange risk, economic risk and volatility risk, including any risk of loss of any capital amount(s) invested due to market fluctuations. As such, investors should be cognisant of such risks in their investment decisions and when trading in shares. Should you wish to find out more about these risks, please contact your financial advisor.
The Shyft Investments platform does not offer cryptocurrencies. However, certain listed
companies that you can invest in have cryptocurrency exposure themselves.
Shares can only be purchased from your USD wallet, so be sure to keep it topped up.
You can buy shares at any time by heading over to the "Shares" tab, which is next to the "Forex" tab on the menu at the top of your page. Here you will find a "Trade Now" button that will show you a list of available stock options. You can open any option from the list of shares or ETFs to see more details on these shares. Once you're ready to buy a share, click the "Buy" button.
At this stage we only offer whole shares.
Please consider the transaction fee and market movement buffer when purchasing shares. Should the total cost (share price, market movement buffer and transaction fee) exceed your wallet balance, you will need to either top up your USD wallet or reduce the number of shares you're trying to purchase.
There is a 15-minute pricing delay due to when Shyft receives market information from Bloomberg. This is standard practice amongst retail trading platforms.
Shyft charges a monthly safe custody fee for maintaining and looking after your shares, which is chargeable on the market value of your investments. The fee is automatically deducted from your USD wallet, which may go into a negative balance if insufficient funds are available. This is then offset against your next deposit, or when you sell your shares.
You will only be able to cancel your order if it was placed outside of market trading hours and the order has not yet been executed. Cancelling your order is free of charge and your funds will be returned to your USD wallet at no extra cost.
If you'd like to sell your shares, you can navigate to the "My Portfolio" section under "Shares" and select the instrument where you wish to sell shares. Once you've made your selection, you will see a detailed screen with the share's performance. Click on the "Sell" button at the bottom of the screen, from here you will be able to select the number of shares you'd like to sell.
Shyft only offers shares in American-based companies listed on US exchanges. As such, these shares are required to be bought and sold in USD.
The reason your wallet balance is negative is due to safe custody fees. Please refer to the Commissions and Charges schedule for more information.
The following fees apply.
Trading Fees
Fees are charged at 0,4% (excl. VAT), with a minimum transaction fee of $1.99 (incl. VAT).
Safe Custody Fees
Shyft charges a monthly safe custody fee of 20bps (0.2%) per annum for maintaining and looking after your shares, which is chargeable on the account value of your investments. The fee is automatically deducted from your USD wallet, which may go into a negative balance if insufficient funds are available. This is then offset against your next deposit, or when you sell your shares.
VAT
New legislation in respect of VAT has been promulgated resulting in services rendered on offshore equities to a Resident which were previously Zero Rated will now be subject to VAT at the current prevailing rate of 15%.
In terms of the 2017 Taxation Laws Amendment Bill, which was Tabled in Parliament on the 25th October 2017, the Value-Added Tax Act No.89 of 1991 (the “ Act”) was amended to specifically exclude debt securities, equity securities or participatory securities from the zero-rating provisions of Section 11(2)(g)(i) of the Act. As of the 1st of April 2018 services rendered to a resident of the Republic of South Africa on debt securities, equity securities or participatory securities situated in any export country will be subject to VAT.
Please take note that VAT will therefore be levied on ALL applicable fees and charges effective 1 April 2018.
Account Value
Account Value is defined as:
The cash balance on your trading account. Plus, or minus the value of any unrealised profits or losses resulting from market movements in relation to shares you have purchased and currently hold in your portfolio.
Fees are charged at a minimum of 0,4% (excl. VAT), with a minimum transaction fee of $1,99.
The minimum transaction fee breakdown for shares/stocks is:
Shares valued at $50 - $400 are $1,99 (incl. VAT).
Shares valued at $500 are $2,00 (incl. VAT).
Shares valued at $750 are $3,45 (incl. VAT).
Shares valued at $1,000 are $4,60 (incl. VAT).
Shares valued at $2,000 or more are $9,20 (incl. VAT).
Share prices displayed on the app are delayed by up to 15 minutes. To account for this pricing delay, when you purchase a share, we apply a small amount (market movement buffer) to the total transaction cost. Once the order is executed, all remaining funds in the market movement buffer will be returned to your USD wallet immediately.
Shyft will provide the necessary IT3(b) and IT3(c) documents, which outlines all your investments associated investment income over the tax period. As a Shyft customer, you will be liable for the following:
US Dividends tax
If a US company pays a dividend as per the related corporate action, you as the beneficial owner of the shares will be liable for US dividends tax at 15%, payable to the IRS in America. However, there is no need to worry, this process and amount will be taken care of by Shyft..
Capital gains tax
This is generally the tax on the difference between the price a share was purchased for and the amount for which it was sold.
VAT
Please refer to the Commissions and Charges schedule FAQ.
Should you need further information regarding tax implications, please contact your broker or a registered tax advisor.
The Internal Revenue Service (IRS), the United States tax agency, requires a W- 8BEN form for reporting purposes. This is required as you are trading in American-based shares. Shyft submits this information on your behalf.
The W-8BEN form is a reporting requirement that has been set forth by the Internal Revenue Service, the US Federal Tax Institution. This form is to be completed by Foreign Nationals to the US who have ownership in American-based businesses.
South African Individual investors, who are South African resident taxpayers only, trading Shyft may be subject to estate taxes (or an equivalent type of tax) in the jurisdiction where those assets are located or sourced. To find more information about estate taxes on offshore assets, please refer to WebTrader's webpage by copying and pasting the link into your browser: https://webtrader.standardbank.co.za/webtrader/downloads/Situs%20Tax%20Memo%20April%202016.pdf
(Please note Shyft, a product of Standard Bank, is affiliated with WebTrader.)
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